Alright, here are my thoughts, and then I'm done with this thread.
I got my iPhone 5 this afternoon and have been using it pretty much non-stop save for a few hours of drinks at a bar tonight. The short answer is that this blows my iPhone 4 away.
What I Love
Probably the biggest surprise, and it's really not mentioned enough in the professional reviews, is this screen. Despite having the same ppi as my iPhone 4, the colors are superior and everything is sharper and more alive. This is most likely a combination of the glass being thinner on the front compared to the 4/4S combined with the superior color saturation that Apple mentions. This rivals what I believe is the best screen on the market right now, the HTC One X. Amazing screen. So happy with it.
The metal backing is a huge leap forward from the glass backing of my 4. I have no scuffs anywhere. I think the metal back will be very durable. The sides remain to be seen over time. Really prefer the sides being slate versus the shiny metal of my 4.
Sapphire glass on the lens appears to be slightly recessed. On my 4 the glass is clearly above the surface. Huge improvement.
Wi-Fi is faster than my 4. I'm guessing it's the processor? Very tight.
iOS 6 has some nice improvements.
Weight is fantastic. You don't appreciate it until you go back to the 4/4S. Walking around on the street tonight with it in my front pocket, I barely felt it.
iPhone logo and writing on the back plate is black and essentially totally hidden. On the 4 it's silver and an eyesore.
4" screen greatly improves browsing in landscape.
Camera is sick. Going to sell my P&S.
Siri is great. Really dig it.
LTE is insane.
What I Don't Love
Headphone jack at bottom is weird at times. I'm sitting in bed now and it's getting in the way when I change songs. I would have preferred they kept it on the top.
Maps is a serious step down. I've bookmarked Google Maps to my homescreen.
The fact that Apple is quoting "October" and not making the Lightning to 30 pin adapter immediately available is retarded.
Podcasts are gone entirely from the Music app. There are things I hate about the Podcast app. I might try out alternatives. If we can have Audiobooks baked into the Music app, then Podcasts should still be there too.
Lightning adapter is much nicer compared to 30 pin but there are no improvements to speeds. Ugh. Seems obvious doesn't it? Took me over 90 minutes to dump 52 GB of music on my new phone.
As an AT&T customer, finding out that Verizon iPhone 5'ers can use 3G GSM unlocked in Europe pisses me off. Also find it odd that Verizon didn't brag about this beforehand.
Final Thoughts/The Future
The 5 blows the 4/4S away. It's also going to make the iPhone even more popular all over the world, which is insane given how many iPhone's I see daily no matter where I go. This phone is fucking amazing.
It ain't perfect. I'd like to see Apple get rid of the home button entirely and place it either on the right of the phone, below the SIM card, or make it an on-screen button. Use that home button space for additional screen space. An iPhone with a 4.5" screen with its current width would probably be my dream smartphone.
iOS 6 needs to make another big leap next year. Active icons, better notifications, something fresh. I think Apple is going to focus on a major hardware redesign every 2 years, and in that year in-between the focus goes into refreshing the OS.
I'd also like to see an LED notification light in the future, and the ability to use it with gloves (yes, I know the 920 can do this, but that phone is too heavy/thick IMO).
Competition will only get better, but I'm confident the iPhone 5/5S will see the same dominance that the 4/4S has had in the past 2 years. And with that, I'm out. Go fuck yourself. Enjoy the 5.